US: Stocks advance cautiously after Powell, Mnuchin testify

Major US indices closed in positive territory on Tuesday for the first time in three sessions after testimony from top government officials rekindled hopes for more stimulus from Congress.[NEW YORK] Major US indices closed in positive territory on Tuesday for the first time in three sessions after testimony from top government officials rekindled hopes for more stimulus from Congress.The S&P 500 was at 3,315.57, a gain of 1.1 per cent, while the tech-rich Nasdaq Composite Index rose 1.

Speaking to the House Financial Services Committee along with Federal Reserve Chair Jerome Powell, Treasury Secretary Steven Mnuchin said the United States was seeing rapid economic gains but the government remained open to more fiscal stimulus even as talks between lawmakers were deadlocked. "America is in the midst of the fastest economic recovery from any crisis in the US," Mr Mnuchin said, acknowledging that"some industries particularly hard bit by the pandemic require additional relief," citing tourism and restaurants, among others.

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